Problem: $x$ is a real number with the property that $x+\tfrac1x = 3$. Let $S_m = x^m + \tfrac{1}{x^m}$. Determine the value of $S_7$.

Solution: We can calculate\[x^2 + \dfrac{1}{x^2} = \left(x + \dfrac{1}{x}\right)^2 - 2 = 3^2 -2 = 7.\]Similarly,\[x^3 + \dfrac{1}{x^3} = \left(x + \dfrac{1}{x}\right) \left(x^2 + \dfrac{1}{x^2}\right) - \left(x + \dfrac{1}{x}\right) = 3 \cdot 7 - 3 = 18\]and\[x^4 + \dfrac{1}{x^4} = \left(x^2 + \dfrac{1}{x^2}\right)^2 - 2 = 7^2 - 2 = 47.\]Finally,\[x^7 + \dfrac{1}{x^7} = \left(x^3 + \dfrac{1}{x^3}\right) \left(x^4 + \dfrac{1}{x^4}\right) - \left(x + \dfrac{1}{x}\right) = 18 \cdot 47 - 3 = \boxed{843}.\]